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FTSE preview: Shares slip on High St woe

By Reuters
Updated: 02:53 EDT, 7 June 2011

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The FTSE 100 is seen falling back on Tuesday, retreating after two sessions of modest gains in tandem with weakness overnight on Wall Street and in Asia as investors continue to fret about the state of the global economy after recent dull data.

City trader traders stock exchange market

Market watcher: Shares may give up gains.

Financial spreadbetters expect the FTSE 100 to open down 15-23 points, or 0.4%, having added 0.1% on Monday to end at 5,863.16 as strength in commodity stocks offset weakness in banks and travel stocks in the absence of any further depressing data.

Overnight on Wall Street, US blue chips shed 0.5%, while the broader S&P's 500 Index fell 1.1% on Monday, extending its slide to a fourth day and hitting its lowest level since March 18.

US Federal Reserve officials said recent economic data has been disappointing, with one suggesting it could delay the Fed's exit from its extremely easy monetary policy.

British retail sales fell unexpectedly in May as low wage growth and high inflation forced consumers to rein in spending after a strong Easter, a survey showed on Tuesday.

The British Retail Consortium said the value of annual like-for-like retail sales fell by 2.1% in May after a 5.2% jump in April which had been driven by the timing of Easter and an extra public holiday for the royal wedding. Economists polled by Reuters had expected a 2.25% rise on average.

Mortgage lender Halifax will release its British house price index for May.

Economists polled by Reuters expect prices to have risen by 0.2% on the month after a 1.4% decline in April.

No other British economic data is due for release on Tuesday, and only US June IBD consumer confidence is scheduled for 1400 GMT, although April US consumer credit numbers will be released.

There will be results today from Alternative Networks, Carclo, Findel, Hamworthy, Kewill, Phoenix IT, Opsec Security, VP and Synergy Healthcare.

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